Reliance Jio and State Bank of India tie-up for digital banking services

The telecom arm of Reliance Industries, Reliance Jio and SBI have joined hands to deepen digital partnership. Jio will offer special connectivity and devices solutions for SBI customers. Services would be provided through Yono (you only need one), a digital banking app launched by the SBI.

SBI YONO is a revolutionary omnichannel platform offering digital banking, commerce and financial superstore services to customers. Yono’s digital banking features and solutions will be enabled through the MyJio platform. The partnership is aimed to increase SBI's digital customer base multi-fold. SBI will be engaging Jio as one of its preferred partners for designing and providing network and connectivity solutions.

Jio and SBI customers will benefit from Jio Prime which is consumer engagement and commerce platform of Reliance. Jio Prime will offer exclusive deals from Reliance Retail, Jio, partner brands and merchants.

RIL and SBI already have a 70-30 joint venture, namely Jio Payments Bank Limited.

On Friday, the share price of Reliance Industries hit an intraday high of Rs. 1,183.35 and an intraday low of Rs. 1,169.50 per share on the BSE. Meanwhile, the shares of SBI reached intraday high at Rs. 298.70 and intraday low was Rs. 294.05 per share on the BSE.

At 12:24 hours, Reliance industries was quoting Rs. 1,172.35, up by 0.34 per cent and SBI was quoting Rs. 295, up by 0.53 per cent. The Nifty50 was trading at 11,322 level, up by 0.69 per cent and BSE Sensex was quoting 37,426 level, up by 0.70 per cent on Friday.